Common-Size Income Statement
Quarterly Data
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FedEx Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Analysis of Revenues
- Analysis of Debt
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FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
The financial performance, as represented by common-size income statements, exhibits considerable fluctuation over the observed period. Revenue consistently represents 100% of itself, as expected. However, significant shifts are apparent in the composition of expenses and resulting profitability.
- Cost of Revenue - Salaries and Employee Benefits
- Salaries and employee benefits consistently represent a substantial portion of revenue, ranging between approximately 32% and 37%. A slight decreasing trend is observed from 2019 through 2022, followed by a rebound and stabilization around 35-36% in the most recent periods. This suggests potential cost management initiatives followed by a period of reinvestment or inflationary pressures.
- Cost of Revenue - Transportation
- Purchased transportation also constitutes a significant expense, generally between 23% and 27% of revenue. A notable increase is seen from 2019 to 2020, potentially linked to increased demand or supply chain disruptions. The expense then fluctuates, with a recent stabilization around 24-25%.
- Cost of Revenue - Other Key Expenses
- Rentals and landing fees, depreciation and amortization, fuel, and maintenance and repairs all consistently represent meaningful portions of revenue, generally between 3% and 8%. Fuel costs demonstrate a marked increase in later periods, peaking around 7-8% before decreasing again. This likely reflects changes in fuel prices and consumption patterns. Maintenance and repairs show relative stability.
- Operating Expenses & Income
- Operating expenses as a percentage of revenue generally range between 91% and 98%, indicating a relatively high cost structure. Operating income fluctuates considerably, ranging from approximately 2% to 8%. A significant peak in operating income is observed in 2020 and again in 2024, suggesting periods of improved operational efficiency or favorable market conditions. The period around May 2020 shows a particularly low operating income percentage.
- Below Operating Income
- Interest expense remains relatively stable as a percentage of revenue, generally below 1%. However, several non-recurring items, including goodwill impairment, business optimization costs, and other income/expenses, introduce volatility. These items are particularly prominent in certain quarters, significantly impacting net income. The "Other retirement plans, net" line item shows substantial variation, with large positive impacts in some quarters, particularly in 2021 and 2024, and negative impacts in others.
- Net Income
- Net income as a percentage of revenue exhibits substantial variability, ranging from negative 2% to over 7%. The fluctuations are driven by the combined effects of operating income and non-operating items. The period around May 2020 shows a net loss. The most recent periods demonstrate a return to more positive net income margins, though still subject to quarterly variations.
Overall, the financial performance demonstrates sensitivity to external factors and internal strategic decisions. While revenue remains constant in percentage terms, the underlying expense structure and profitability are subject to considerable change. The presence of significant non-recurring items highlights the importance of considering these factors when assessing the company’s financial health.